Cap Rock Energy Corporation Announces 2005 First Quarter Results
May 20 2005 - 4:37PM
PR Newswire (US)
Cap Rock Energy Corporation Announces 2005 First Quarter Results
MIDLAND, Texas, May 20 /PRNewswire-FirstCall/ -- Cap Rock Energy
Corporation (AMEX:RKE) today reported net income of $234,000, or
$.14 per common share, basic and diluted, in the first quarter of
2005, compared to $2,062,000, or $1.27 per common share, diluted,
for the same quarter in 2004. Detailed below are unaudited
financial highlights for Cap Rock Energy Corporation and
subsidiaries for the three months ended March 31, 2005 and 2004:
Cap Rock Energy Corporation (unaudited) ($ in thousands except
share and per share) Three Months Ended March 31, 2005 2004
Operating revenues $18,320 $20,288 Operating income 1,790 4,241 Net
income 234 2,062 Earnings per share: Basic $0.14 $1.32 Diluted
$0.14 $1.27 Weighted average shares of Common stock outstanding:
Basic 1,617,546 1,567,725 Diluted 1,668,071 1,624,040 The
consumption and demand for electricity within the Company's service
areas is greatly impacted by weather conditions and temperatures.
Weather conditions and the cost of fuel used to generate
electricity are the major factors affecting operating expenses.
Purchased power expense normally moves in relation to electric
demand and consumption. Operating revenue between the comparable
three month periods decreased primarily because recovery of power
costs were higher in revenues in 2004 which related to the rate
making treatment of capital lease payments associated with the
transmission system which were passed through to customers. An
increase in general and administrative expenses was caused by
increased IT and other expenses. Income tax expense decreased for
2005 because of the decrease in net taxable income between the two
periods. Cap Rock Energy provides electric distribution services to
over 35,000 meters in 28 counties in Texas. Its corporate office is
located in Midland, Texas, with service divisions in Stanton,
Colorado City, Brady and Celeste, Texas. The Company also provides
management services to the Farmersville Municipal Electric System.
The Company's predecessor, Cap Rock Electric Cooperative, Inc., was
incorporated as an electric cooperative in the State of Texas in
1939. Cap Rock Energy Corporation is the first electric cooperative
to convert to a publicly held corporation and the first electric
utility to become a public company in over 60 years. All
statements, other than statements of historical fact included in
this news release are forward looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Any such forward looking statements involve risks and uncertainties
and actual results, performance or achievements of Cap Rock Energy
may be different from those expressed or implied in the forward
looking statements. DATASOURCE: Cap Rock Energy Corporation
CONTACT: Valerie Newsom of Cap Rock Energy Corporation,
+1-432-684-0301, or
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